Funding arb · Price arb /

PONS

all PONS markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0051%/8h= −5.6% APRpaid last 24h +0.069%

Price spread now: Lighter against Bybit0.000%7-day average +0.039% · you sell dearer than you buy

Net, funding: paid 7d − costs+$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$490.485% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.562%+$56 on $10k

Price spread, last 7 days+0.002%$0 · spread now 0.000%, 7d avg +0.039%

Together, before fees+0.565%+ Points / potential airdropLighter: Season 3 · farm board+$56 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Lighter is 0.039% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.039%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.562%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit PONSUSDT	0.5916	0.0763	pay 0.0381% / 4h	1h 38m	$17.6M	$31.4M	20x
Short	Lighter PONS	0.5916	0.0712	get 0.0089% / 1h	38m 53s	$1.6M	$828K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee LighterbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$10.66
Price spread: 0.000% → +0.039%: −$3.88
Slippage, 4 orders: −$37.54
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$63.08
Costs to cover: 0.485%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 5 min ago	2.53 bp	17.7 bp −$18	47.2 bp −$472	doesn't fit	doesn't fit
Sell Lighter live order book, 2 min ago	3.04 bp	8.6 bp −$9	13.7 bp −$137	doesn't fit	doesn't fit

PONS on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
gTrade (Gains Network) PONS/USD	L +0.0033% / S −0.0032%	1h	0.5905	−0.178%	$235K	—	150x	as long as short
Injective PONS/USDC PERP	+0.0033%	1h	0.5969	+0.904%	$614	$10K	5.5x	as long as short
Lighter RH PONS	+0.0096%	1h	0.5915	−0.017%	$410K	$2.6M	3x	as long as short
Popdex PONSUSDT	+0.0096%	1h	0.5916	0.000%	$22K	$421K	20x	as long as short
Orderly PERP_PONS_USDC_mythos	+0.0100%	4h	0.5920	+0.069%	$2K	$3K	10x	as long as short
Nado PONS-PERP	+0.0100%	1h	0.5915	−0.017%	$69K	$131K	5x	as long as short
ApeX Omni PONSUSDT	+0.0100%	1h	0.5921	+0.088%	$29K	$317K	5x	as long as short
SunX PONS-USDT	+0.0100%	4h	0.5918	+0.029%	—	$1.3M	10x	as long as short
SoDEX PONS-USD	+0.0100%	1h	0.5914	−0.029%	$25K	$586K	3x	as long as short
HTX PONS-USDT	+0.0100%	4h	0.5917	+0.017%	$64K	$524K	20x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex PONSUSDT	+0.0100%	4h	0.5916	0.000%	$1.6M	$3.2M	20x	as long as short
Aevo PONS-PERP	+0.0216%	1h	0.5907	−0.150%	$368	—	3x	as long as short
Hyperliquid PONS	+0.0240%	1h	0.5918	+0.034%	$60.1M	$29.5M	3x	as long as short
Gate PONS_USDT	+0.0346%	4h	0.5916	0.000%	$5.3M	$6.3M	20x	as long as short
OKX PONS-USDT-SWAP	+0.0413%	4h	0.5914	−0.034%	$13.3M	$55.9M	20x	as long as short
Polymarket Perps PONS-USD	+0.0455%	1h	0.5915	−0.015%	$94K	$1.9M	3x	as long as short
Aster PONSUSDT	+0.0462%	4h	0.5915	−0.024%	$1.1M	$2.2M	20x	as long as short
Extended PONS-USD	+0.0536%	1h	0.5916	+0.002%	$101K	$811K	5x	as long as short
Binance PONSUSDT	+0.0536%	4h	0.5919	+0.051%	$37.2M	$98.5M	20x	as long as short
MEXC PONS_USDT	+0.0540%	4h	0.5918	+0.034%	$7.5M	$4.7M	20x	as long as short
edgeX PONSUSDC	+0.0545%	4h	0.5921	+0.079%	$20K	$291K	10x	as long as short
Pacifica PONS	+0.0556%	1h	0.5912	−0.062%	$45K	$68K	3x	as long as short
Variational Omni PONS	+0.0609%	4h	0.5918	+0.042%	$1.4M	$4.1M	—	as long as short
KuCoin PONSUSDTM	+0.0636%	4h	0.5918	+0.042%	$1.6M	$3.8M	20x	as long as short
Bitget PONSUSDT	+0.0666%	4h	0.5920	+0.076%	$4.7M	$12.2M	20x	as long as short
Lighter PONSshort	+0.0712%	1h	0.5916	0.000%	$1.6M	$828K	3x
BingX PONS-USDT	+0.0756%	4h	0.5916	0.000%	—	$3.0M	—	as long as short
Bybit PONSUSDTlong	+0.0763%	4h	0.5916	long leg	$17.6M	$31.4M	20x
BloFin PONS-USDT	+0.0776%	4h	0.5924	+0.135%	$1.7M	$955K	20x	as long as short
Phoenix PONS	+0.1472%	1h	0.5925	+0.152%	$45K	$127K	3x	as long as short